September US Non Farm Results

US Nonfarm Payrolls jumped up to 103.000 in September, form the revised previous month’s result of 57.000, the US Department of Labor reported today. The result considerably exceeds forecasts of 73.000 growth. The change in total Nonfarm Payroll employment for July was also revised from 85.000 to 127.000.

The US Unemployment Rate remained unchanged at 9.1% for the third consecutive month, according to forecasts.

As expected Average Hourly Earnings increased to 0.2% in September, following a 0.2% drop in August. On an annual basis Average Hourly Earnings remained flat at 1.9% for the secon consecutive month in September.

Average Weekly Hours increased to 34.3 in September from 34.2 in August, despite forecasts of remaining at the same level.

Andrew Wilkinson, Chief Economic Strategist at Miller Tabak & Co emphasizes that this is a good sign for the American economy: “A big surprise positive on account of as beat on the headline number and a bumper September reading. Absent August data, the US economy had generated a fading pattern of job growth for 10-straight months from October 2010 through July. Today’s reading soothes recessionary fears.”